Mears Group (MER)

Sector:

Support

Index:

FTSE Small Cap

351.00p
   
  • Change Today:
    -1.50p
  • 52 Week High: 373.00p
  • 52 Week Low: 208.50p
  • Currency: UK Pounds
  • Shares Issued: 96.27m
  • Volume: 186,349
  • Market Cap: £337.92m
  • RiskGrade: 144

Key Financials

  £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-10 31-Dec-09 31-Dec-08
Annualisation Factor 1.0 1.0 1.0
Dividend Yield 2.2% 2.0% 1.8%
       
Continuing Operations      
PE Ratio - Adjusted 12.1 12.3 13.5
PE Ratio - Diluted 18.3
17.6		 15.6
15.6		 15.7
15.7
PEG - Adjusted 1.2 0.8 n/a
PEG - Diluted n/a
n/a		 2.2
2.2		 n/a
n/a
Return on Capital Employed 32.33%
34.55%		 34.03%
34.03%		 37.17%
37.17%
Operating Margin 3.58%
3.82%		 4.21%
4.21%		 4.15%
4.15%
       
Continuing & Discontinued Operations      
PE Ratio - Adjusted 12.1 12.3 13.5
PE Ratio - Diluted 18.3
17.6		 15.6
15.6		 15.7
15.7
PEG - Adjusted 1.2 0.8 n/a
PEG - Diluted n/a
n/a		 2.2
2.2		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-10 31-Dec-09 31-Dec-08
Net Gearing 8.65% (6.15%) (6.89%)

  £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-10 31-Dec-09 31-Dec-08
Price/Book Value 14.9 5.7 5.7
Price/Tangible Book Value 14.9 5.7 5.7
Price/ Cash Flow 12.8 10.1 49.0
Price/Revenue 0.48 0.44 0.46
Price/R&D n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 20.39p 49.14p 46.49p
Net Cash per Share n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-10 31-Dec-09 31-Dec-08
Continuing Operations      
Revenue 523.93 470.15 420.38
EBITDA 32.44
33.73		 27.13
27.13		 23.13
23.13
Depreciation (13.69)
(13.69)		 (7.36)
(7.36)		 (5.70)
(5.70)
Net Interest (2.40)
(2.40)		 (1.39)
(1.39)		 (0.85)
(0.85)
Profit Before Tax 16.35
17.64		 18.38
18.38		 16.58
16.58
       
Revenue per Share 628.07p 633.62p 570.93p
Pre-Tax Profit per Share 19.60p
21.15p		 24.77p
24.77p		 22.52p
22.52p
Market Capitalisation £ (Millions) 256.99 207.55 195.36
Enterprise Value (EV) £ (Millions) 290.99 224.55 204.86
EBITDA/EV 11.15%
11.59%		 12.08%
12.08%		 11.29%
11.29%
Operating Margin 3.58%
3.82%		 4.21%
4.21%		 4.15%
4.15%
Capital Employed £ (Millions) 58.00 58.11 46.89
Return on Capital Employed 32.33%
34.55%		 34.03%
34.03%		 37.17%
37.17%
Invested Equity Capital £ (Millions) 148.54 110.57 98.86
       
Earnings per Share - Basic 17.70p
18.42p		 18.81p
18.81p		 17.36p
17.36p
Earnings per Share - Diluted 16.57p
17.25p		 17.94p
17.93p		 16.82p
16.82p
Earnings per Share - Adjusted 24.96p 22.67p 19.60p
Earnings per Share Growth - Basic -6%
-2%		 8%
8%		 n/a
n/a
Earnings per Share Growth - Diluted -8%
-4%		 7%
7%		 n/a
n/a
Earnings per Share Growth - Adjusted 10% 16% n/a
PE Ratio - Diluted 18.3
17.6		 15.6
15.6		 15.7
15.7
PEG - Diluted n/a
n/a		 2.2
2.2		 n/a
n/a
Tax Rate 9.71% 24.07% 22.92%
Dividend Cover 3.70
2.73		 3.98
3.30		 4.13
3.65
Interest Cover 7.64
8.17		 12.60
12.60		 15.94
15.94
       
Continuing & Discontinued Operations      
Earnings per Share - Basic 17.70p
18.42p		 18.81p
18.81p		 17.36p
17.36p
Earnings per Share - Diluted 16.57p
17.25p		 17.94p
17.93p		 16.82p
16.82p
Earnings per Share - Adjusted 24.96p 22.67p 19.60p
Earnings per Share Growth - Basic -6%
-2%		 8%
8%		 n/a
n/a
Earnings per Share Growth - Diluted -8%
-4%		 7%
7%		 n/a
n/a
Earnings per Share Growth - Adjusted 10% 16% n/a
PE Ratio - Diluted 18.3
17.6		 15.6
15.6		 15.7
15.7
PEG - Diluted n/a
n/a		 2.2
2.2		 n/a
n/a
Dividend Cover 3.70
2.73		 3.98
3.30		 4.13
3.65
Return on Equity (ROE) 9.94%
10.35%		 12.62%
12.62%		 12.93%
12.93%
Operating Cash Flow per Share 23.66p 27.74p 5.39p
Gross Cash Flow per Share cn/a cn/a cn/a
Cash Incr/Decr per Share (22.48p) (0.11p) (11.76p)
Capital Expenditure per Share n/a n/a n/a
Dividend per Share 6.75p 5.70p 4.75p
Dividend per Share Growth 18.42% 20.00% n/a
Dividend Yield 2.2% 2.0% 1.8%
Shareholders Funds 141.55 105.93 95.70
Net Borrowings £ (Millions) 12.24 (6.51) (6.59)
Net Asset Value per Share (inc. Intangibles) 20.39p 49.14p 46.49p

  £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-10 31-Dec-09 31-Dec-08
Shareholders' Funds inc Intangibles 141.55 105.93 95.70
Net Borrowings £ (Millions) 12.24 (6.51) (6.59)
Net Gearing 8.65% (6.15%) (6.89%)
Cash & Near Cash 21.76 23.51 16.09
Cash 15.37% 22.20% 16.82%
Gross Borrowings 34.00 17.00 9.50
Gross Gearing 24.02% 16.05% 9.93%
Borrowings Under 5 years 34.00 17.00 9.50
Under 5 years 24.02% 16.05% 9.93%
Borrowings Under 1 year n/a n/a n/a
Under 1 year n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-10 31-Dec-09 31-Dec-08
Shareholders' Funds exc Intangibles 17.01 36.46 34.23
Net Borrowings £ (Millions) 12.24 (6.51) (6.59)
Net Gearing 71.96% (17.86%) (19.26%)
Cash & Near Cash 21.76 23.51 16.09
Cash 127.88% 64.48% 47.01%
Gross Borrowings 34.00 17.00 9.50
Gross Gearing 199.85% 46.62% 27.75%
Borrowings Under 5 years 34.00 17.00 9.50
Under 5 years 199.85% 46.62% 27.75%
Borrowings Under 1 year n/a n/a n/a
Under 1 year n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-10 31-Dec-09 31-Dec-08
Quick Ratio 0.99 1.08 1.17
Current Ratio 1.08 1.26 1.26

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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